So many books and articles have been written about the global financial meltdown, propounding seemingly dozens of different theories as to the causes. Yet one aspect seems to be at the back of so many of them. Fear.
Fear of important individuals whose role was to provide leadership.
Perhaps the one most fully explored of these has been the boss of AIG Financial Products, Joe Cassano. Cassano (above) is at the centre of writer Michael Lewis’s recent research, and this is how he is described by Lewis and Cassano’s own ex-colleagues:
“A guy with a crude feel for financial risk, but a real talent for bullying people who doubted him…”
“He’d humiliate them and then try to make it up to them by giving them huge amounts of money…”
“The fear factor was so high that, when we had those morning meetings, you presented what you did not to upset him…”
“If you were critical of the organisation, all hell would break loose…”
“Under Joe debate and discussion ceased…”
“The way you dealt with Joe was to start everything by saying, ‘You’re right, Joe’…”
“Cassano was one of those people whose insecurities manifested themselves in a need for obedience and total control…”
I guess we’ve all had to deal with bullying bosses to a greater or lesser extent. Without doubt there were (and doubtless are) many Joe Cassanos in leadership positions, and not only across the financial sector. It spells death to innovation and creativity – all our energy having to go into self-protection.
But the other side of the story is that it’s our responsibility to stand up to them.
Cassano’s gutless direct reports were, in my view, just as culpable for the meltdown of AIGFP and the banking system it served. It takes courage, but it has to be done – for the team, for the organisation, for the customers and shareholders. But most of all for ourselves.
Have you had to stand up for yourself with a boss at some stage in the face of bullying?
Fear of important individuals whose role was to provide leadership.
Perhaps the one most fully explored of these has been the boss of AIG Financial Products, Joe Cassano. Cassano (above) is at the centre of writer Michael Lewis’s recent research, and this is how he is described by Lewis and Cassano’s own ex-colleagues:
“A guy with a crude feel for financial risk, but a real talent for bullying people who doubted him…”
“He’d humiliate them and then try to make it up to them by giving them huge amounts of money…”
“The fear factor was so high that, when we had those morning meetings, you presented what you did not to upset him…”
“If you were critical of the organisation, all hell would break loose…”
“Under Joe debate and discussion ceased…”
“The way you dealt with Joe was to start everything by saying, ‘You’re right, Joe’…”
“Cassano was one of those people whose insecurities manifested themselves in a need for obedience and total control…”
I guess we’ve all had to deal with bullying bosses to a greater or lesser extent. Without doubt there were (and doubtless are) many Joe Cassanos in leadership positions, and not only across the financial sector. It spells death to innovation and creativity – all our energy having to go into self-protection.
But the other side of the story is that it’s our responsibility to stand up to them.
Cassano’s gutless direct reports were, in my view, just as culpable for the meltdown of AIGFP and the banking system it served. It takes courage, but it has to be done – for the team, for the organisation, for the customers and shareholders. But most of all for ourselves.
Have you had to stand up for yourself with a boss at some stage in the face of bullying?
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